Farstad Shipping wins PSV charters, Petrobras cancels another

Three offshore vessels owned by Farstad Shipping have won charter extensions at undisclosed rates, but another vessel has had its contract in Brazil cancelled by Petrobras.

Esso Australia has extended its charter of Farstad’s platform support vessel (PSV) Far Supplier (4,709 dwt, built 1999) for a further three years, continuing where the firm contract ends.

Woodside Energy has exercised a six-month extension of its contract on the AHTS Far Sirius (24,371 BHP, built 2014), which will give the vessel firm employment until August 2016. Woodside still has two six-month extension options remaining.

Woodside has also extended its charter of Farstad’s PSV Lady Grace (2,936 dwt, built 2001) for up to 240 days.

Petrobras is to prematurely terminate its contract for PSV Far Strider (4,709 dwt, built 1999), effective mid-November. The vessel commenced a four-year charter to the Brazilian energy producer in mid-2013, for which the contract was valued at around NOK 225m (then $39.3m), excluding options.

In Brazil, vessels must have their Certification of Charter Authorisation (CAA) and Registration Certificate of Temporary Foreign Vessels (AIT) certificates renewed annually in order to operate in Brazilian waters under a foreign flag.

Under Brazilian law, when a foreign-flagged vessel comes to renew its CAA and AIT certificates, the renewal can be ‘blocked’ by an unemployed Brazil-flagged ship that is built to the same specification, which can take over the foreign vessel’s employment contract.

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.